Shenwan Hongyuan Group: Guangdong Jinma Entertainment Corporation (300756.SZ) technology breakthrough leads to high performance AI+Siasun Robot&Automation jointly create a new chapter.

On December 26th, Shenwan Hongyuan Group Securities released a research report stating that Guangdong Jinma Entertainment Corporation (300756.SZ) as a leading domestic amusement facilities manufacturing company, has a solid competitive advantage in its core business. The continuous growth of downstream orders, driven by iterative technological advancements, is expected to contribute to stable incremental profits in the long term. The company has already invested in the domestic leading Siasun Robot & Automation enterprise to address technological bottlenecks. Additionally, they have established stable cooperation relationships with several well-known domestic and foreign cultural tourism & entertainment companies, and have a wide range of application scenarios for Siasun Robot & Automation, which is expected to open up a second growth curve in the future. Shenwan Hongyuan Group Securities predicts that the company's net profit attributable to shareholders will be 109 million, 207 million and 346 million yuan in 2025-2027, with corresponding PE ratios of 83, 44 and 26 times for the years 2025-2027. They estimate the company's equity value to be 12.8 billion yuan in 2025 using the DCF model, giving a target price of 81.16 yuan, which represents an upside potential of 40.7% from the current stock price. They initiate coverage with a "buy" rating. Based on the full industry chain layout and technological breakthroughs, the company aims to achieve performance growth and operational quality improvement. With decades of development, the company's core businesses include amusement equipment manufacturing and amusement investment operations. They have built a product matrix covering 13 categories of large-scale amusement facilities and 8 series of virtual immersive projects. The company's performance has improved significantly since 2024, with a sharp increase in operating profit. In 2025 Q1-Q3, the company achieved an operating income of 569 million yuan, a year-on-year growth of 23.8%, and a net profit attributable to shareholders of 90 million yuan, a year-on-year growth of 456.5%. They maintain a healthy level of outstanding orders and accounts receivable turnover. Policy support and market demand are driving industry transformation, with technological breakthroughs and intelligence as core competitiveness. China's amusement facilities industry is currently undergoing structural upgrades, with national policies continuously supporting consumer services and large-scale equipment updates. The industry regulatory system is mature with high entry barriers, indicating positive expectations for the industry. The industrial chain of large-scale amusement equipment manufacturing is clear, with theme parks as the main downstream application scenarios. The global theme park market is transitioning towards income diversification and experiential services, with a market size reaching 55.9 billion USD in 2024, an 8.21% year-on-year growth. Domestic theme parks are leading the global growth, having entered a period of equipment renewal, bringing sustained demand for upstream manufacturers. Guangdong Jinma Entertainment Corporation, as a benchmark enterprise in the industry, holds a leading position in the high-end market with over 240 authorized patents and participation in the formulation of 26 industry standards. In recent years, they have strengthened their R&D capabilities and accelerated the application of AI and Siasun Robot & Automation in the cultural tourism industry, reshaping the structure of China's amusement equipment industry. With a focus on technological research and development to expand global layout, the company is actively promoting the landing of "AISiasun Robot & Automation". The company has a wide customer network, with deep ties to leading domestic theme park groups, as well as entry into the high-end European and American markets and emerging markets along the "Belt and Road" initiative. In 2024, new signed orders increased by over 40% year-on-year, with international market revenue increasing by 414.84% year-on-year. The company's globalization efforts have been remarkable, with a current research and development team of 184 people and an R&D investment of 27.08 million yuan in 2024, accounting for 4.69% of revenue. In terms of new business strategic layout, the company strategically invested in Shanghai Matrix Super Intelligence, jointly established the "Jinma Matrix" subsidiary to promote the landing of cultural tourism Siasun Robot & Automation business. The two parties complement each other's strengths in manufacturing and R&D technology under the framework of "equity + joint venture", aiming to build a smart equipment and digital service ecosystem for cultural tourism. The company has already collaborated with Star Dust Intelligence to launch the "Siasun Robot & Automation MART" product, becoming the world's first self-powered AISiasun Robot & Automation to complete retail services independently, with ample room for future imagination. Risk warning: Lower-than-expected demand for amusement equipment orders; slower-than-expected development of new businesses; intensifying industry competition.